sterling assets 6 british investment creating u.s. jobs

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1 sterling assets 6 british investment creating u.s. jobs

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3 Contents Foreword 4 Executive summary 5 US overview 9 United States profile 13 State overview 14 Top states 15

4 4 Sterling assets 6: British investment creating U.S. jobs Foreword Today s international economic environment is vastly different from the one facing the UK and the U.S. one hundred years ago as we sat on the brink of the First World War. Much may have changed in the time since, but one thing endures as a lasting legacy of the Great War: the resounding partnership between our two nations. This decade was supposed to mark the start of America s economic pivot toward the east. But as we move towards its mid-point, once again Europe has, perhaps surprisingly, taken centre stage when it comes to investment and exports. This has been most significantly underscored by the commencement and progression of negotiations for an EU-U.S. Transatlantic Trade and Investment Partnership (TTIP). At the heart of these trade discussions from our point of view is the ever-vibrant bilateral economic and investment relationship between the UK and U.S. I am therefore pleased to present the sixth edition of Sterling assets, the CBI s annual report analysing British investment in the United States. As America s largest foreign investor, the UK supports hundreds of thousands of jobs across every industry and state. We want to build on that, not just settle for it. The figures in this report demonstrate that the relationship that exists between our two countries is significant, however, at a time when sustained global economic growth seems tangibly close, the United States represents a growing opportunity for British businesses. An opportunity we hope to work with you to realise over the coming year. We hope you find this report informative and useful. Katja Hall CBI deputy director-general

5 Sterling assets 6: British investment creating U.S. jobs 5 Executive summary U.S. subsidiaries of British firms play a vital role in the American economy. Many larger British companies investing in America are well-known names the likes of BT, GlaxoSmithKline, HSBC, Reed Elsevier, Rio Tinto and Unilever. Together with many smaller companies, they are all contributing to the economic wellbeing of the United States. British companies are attracted to America for several reasons. They appreciate the size of the market, a culture that fosters innovation and risk-taking, the deep capital markets, and the pool of talented workers. A common language as well as similar legal systems and cultural norms make it easy for Brits and Americans to work together. Britain is the largest foreign investor in America. As of year-end 2012, the UK had invested $487bn here, representing 18% of the $2.7trn of foreign direct investment (FDI) in America. British investment is substantially higher than that of other large foreign investors, namely Japan, the Netherlands, Canada, and France (Exhibit 1). By comparison, investments from India and China are tiny: they don t come close to reaching one percent of all FDI in the United States for a combined total of $10.3bn by the end of Exhibit 1 Foreign direct investment in the U.S., 2012 (historical cost basis) Total $2.7trn 1 United Kingdom $487bn 2 Japan $308bn 3 Netherlands $275bn 4 Canada $225bn 5 France $209bn Exhibit 2 British investment in the U.S. by sector, 2012 (historical cost basis) Other industries $232.5bn Information $22.9bn Wholesale trade $26.1bn Manufacturing $137.6bn Finance and insurance $67.bn With cumulative investment of nearly $140bn, Britain ranked as the largest foreign investor in U.S. manufacturing, ahead of the Netherlands and Switzerland. The UK has also invested heavily in other major sectors of the American economy, including finance and insurance and wholesale trade (Exhibit 2). British investment is spread right across the entire United States. Every single state in America has workers in jobs that are created and sustained by British firms. The UK tops the list when compared to other foreign investors: there are 5.6 million insourced jobs in America (ie jobs created by U.S. subsidiaries of foreign-owned companies), and of these, 17% are supported by British investment.

6 6 Sterling assets 6: British investment creating U.S. jobs Exhibit 3 Employment generated by selected industry of British affiliates, 2011 Industry British affiliates All foreign affiliates British share of all foreign affiliates employment total All industries 943,500 5,640,700 17% Other industries * 396,600 1,542,400 26% Manufacturing 246,400 2,081,300 12% Finance & insurance 70, ,100 17% Information 67, ,300 28% Retail trade 66, ,500 14% Professional, scientific, 44, ,000 15% & technical services Wholesale trade 39, ,600 7% Real estate and rental & leasing 12,300 40,500 30% * Other industries include transportation and warehousing, accommodation and food services, and administration, support, and waste management. In 2011, the last year of available data from the U.S. government, British companies supported 943,500 jobs nationwide, employing far more Americans than either Japanese or German firms (Exhibit 4). And by including minority-owned British affiliates (with at least 10% British ownership), British companies employed more than one million Americans. Exhibit 4 Insourced jobs supported by foreign affiliates, 2010 United Kingdom 943,500 Of all British-affiliated jobs in the United States, about one in four was in manufacturing (Exhibit 3). Taken together, transportation equipment, primary and fabricated metals, and chemicals accounted for more than 60% of roughly 150,000 skilled American manufacturing jobs in 2011 (Exhibit 5, page 6). Within chemicals, most of the jobs are in the highly compensated pharmaceuticals and medicines sector. Besides strong investment in U.S. manufacturing, British firms also support a significant number of American jobs in other sectors, such as finance and insurance, information, and retail trade. Each employed more than 65,000 Americans (Exhibit 3). Japan 686,600 Germany 581,300

7 Sterling assets 6: British investment creating U.S. jobs 7 Exhibit 5 U.S. manufacturing jobs supported by British affiliates, 2011 Exhibit 7 U.S. goods & services export destinations, 2013 Computers and electronic products 17,300 Machinery 11,800 Other manufacturing 63,800 China $161bn Chemicals 43,100 Japan $113bn UK $109bn Primary and fabricated metals 47,700 Transportation equipment 62,700 Germany Brazil $75bn $71bn British investment is high end and high paying Several indicators show investments by British business strengthen the American economy. For example, British companies accounted for a total payroll of $70bn in 2011 (Exhibit 6). The wages and benefits of an American worker employed by a British firm averaged $74,500 in 2011, which was significantly higher than average compensation of $58,000 the same year for all U.S. private sector workers. British subsidiaries are essential to all kinds of research and development (R&D) activities in the United States. Of the $45.2bn in R&D performed by all foreign affiliates, British subsidiaries represented 14%, Exhibit 6 Top countries in compensation paid by foreign affiliates, 2011 United Kingdom Japan $53.8bn $70.3bn spending $6.4bn in the United States in Through their R&D investments, British companies supported 24,500 skilled jobs nationwide in 2011, which have helped to spur the discovery of new products and processes, generate economic growth, and improve the overall quality of life. Pharmaceuticals and medicines accounted for two thirds of British-affiliated R&D spending. Trade has long cemented the business relationship between our two countries. British firms shipped $33bn in goods from their U.S. operations in 2011, amounting to 11% of all foreign-affiliated merchandise exports from the United States to the world. And the UK is, of course, a major destination for U.S. goods and services exports; today, Britain ranks as the fifth largest export market of the United States, behind Canada, Mexico, China and Japan (Exhibit 7). As the second-largest market for U.S. services exports, and the leading purchaser of services sold through U.S. affiliates abroad by far, the United Kingdom is a premier services market for the United States. Germany $52.1bn Switzerland $43.7bn France $41.4bn

8 8 Sterling assets 6: British investment creating U.S. jobs A note on sources and statistics Sterling assets 6: British investment creating U.S. jobs looks at the economic impact of British firms on the American economy. This overview offers the most current U.S. government statistics on the business activities of British companies in the United States at the time it was prepared for the Confederation of British Industry. National and state statistics only refer to the business activities of U.S. subsidiaries of British companies that are unambiguously under British control (that is, affiliates that are more than 50% owned by British direct investors, known as majority-owned affiliates), unless otherwise noted. These figures are a conservative measure of the overall impact of foreign direct investment by majority-owned British affiliates on the U.S. economy. Most important, they do not capture the full economic impact of investments by these firms, but rather serve as a floor. National export statistics cover goods and services, while state data are limited to merchandise trade only. National and state export statistics are compiled from the U.S. Department of Commerce s International Trade Administration for goods and the Bureau of Economic Analysis for services. As the second-largest market for U.S. services exports the United Kingdom is a premier services market for the United States

9 Sterling assets 6: British investment creating U.S. jobs 9 US overview Sterling assets 6: British investment creating U.S. jobs measures the economic contribution of British firms in the United States (those with at least 50% British ownership) based on data from the U.S. government. This snapshot offers clear and compelling evidence of the high level of engagement by British-affiliated firms operating throughout the United States British affiliates create U.S. jobs, employing 943,500 Americans. British affiliates invest heavily in U.S. manufacturing, supporting about 250,000 American jobs. British affiliates boost U.S. wages because they pay higher wages than U.S. companies, with annual compensation per American worker of $74,500. British affiliates contribute to the U.S. gross domestic product, with $125bn in value added. British affiliates support R&D in the United States, with expenditures totaling $6.4bn. British affiliates account for $33bn in U.S. goods exports to the world, with 42% shipped back to their parent companies. U.S. services sales through affiliates in the UK total $191bn the largest market in the world. U.S. value added from British companies British firms strengthen the American economy and represent a substantial economic presence in the United States. British companies contributed $125bn in value added to the U.S. economy in 2011, accounting for 17% of value added from all foreign affiliates. The United Kingdom represented the largest share of value added from foreign affiliates, eclipsing Japanese, German, Canadian, and Swiss companies in American jobs supported by British companies British affiliates support hundreds of thousands of jobs across the United States. U.S. subsidiaries of British firms employed 943,500 Americans in Employment from British companies represented 17% of the 5.6 million jobs supported by all foreignaffiliated subsidiaries in the United States in Top countries in value added by foreign affiliates 2011 Total $736bn 1 United Kingdom $125bn 2 Japan $93bn 3 Germany $85bn 4 Canada $65bn 5 Switzerland $62bn Top countries in employment supported by foreign affiliates, 2011 Total 5,640,700 1 United Kingdom 943,500 2 Japan 686,600 3 Germany 581,300 4 Canada 546,900 5 France 524,400 * Value added measures the economic contribution of foreign affiliates from the goods and services they sell in the United States

10 10 Sterling assets 6: British investment creating U.S. jobs The United Kingdom ranked first in American jobs supported by foreign firms in 2011, surpassing Japan, Germany, Canada, and France. Adding British minority-owned companies (those with British ownership of at least 10% but less than 50%) raises the number of American jobs from British firms to 1,043,000 in American manufacturing jobs supported by British companies U.S. manufacturing reaps enormous benefits from foreign firms, which employ more than two million American manufacturing workers each year. British firms accounted for 246,400 American manufacturing jobs in British companies made up 12% of total foreign-affiliated manufacturing jobs in British subsidiaries ranked third in manufacturing employment, behind Japanese and German companies in Japanese, German, British, French and Canadian firms accounted for nearly 60% of all foreign-affiliated manufacturing jobs in Compensation by U.S. subsidiaries of British companies British affiliates make a powerful contribution to the payroll of the U.S. workforce. Compensation from all British firms reached $70.3bn in 2011, accounting for 16% of the $438bn in total foreign-affiliated compensation. British affiliates ranked first in total compensation paid to their U.S. workers, ahead of Japanese, German, Swiss, and French companies in Average employee compensation (wages and benefits) at British-affiliated firms was $74,500 in R&D expenditures by British companies British firms bolster America s R&D base through large expenditures in the United States. British companies spent $6.4bn in the U.S. on R&D in 2011, representing 14% of the $45.2bn in U.S. R&D performed by all foreign affiliates. Top countries in manufacturing employment supported by foreign affiliates, 2011 Total 2,081,300 1 Japan 312,100 2 Germany 270,100 3 United Kingdom 246,400 4 France 178,100 5 Canada 175,200 Top countries in compensation paid by foreign affiliates, 2011 Total $437.9bn 1 United Kingdom $70.3bn 2 Japan $53.8bn 3 Germany $52.1bn 4 Switzerland $43.7bn 5 France $41.4bn Top countries in R&D performed by foreign affiliates, 2011 Total $45.2bn 1 Switzerland $8.9bn 2 Japan $6.9bn 3 United Kingdom $6.4bn 4 Germany $5.5bn 5 France $5.1bn British firms ranked third in R&D expenditures, behind Swiss and Japanese firms, but ahead of German and French affiliates in Pharmaceuticals and medicines accounted for two thirds of British-affiliated R&D spending at $4.2bn in British firms supported 24,500 R&D-related jobs in the United States in 2011, second to 25,600 U.S. R&D jobs from German companies.

11 Sterling assets 6: British investment creating U.S. jobs 11 Exports from the U.S. to the UK British companies in the United States not only produce for the American market, they also contribute to U.S. exports that bolster U.S. trade. The United Kingdom is the fifth largest export market worldwide for U.S. goods and services. American firms ship a variety of goods to the United Kingdom, ranging from transportation equipment, chemicals, and machinery to computer and electronic products. Every year, U.S. companies also export billions of dollars in services to the United Kingdom, which include financial services and business professional, and technical services. U.S. goods and services exports to the United Kingdom totaled $109bn in U.S. exports of goods and services to the United Kingdom represented 4.8% of the $2.3trn in global exports from the United States in The United States exported fewer goods and services to the United Kingdom than to China or Japan in Still, U.S. NAFTA partners dwarfed even those sales, with combined U.S. exports to Canada and Mexico of more than $620bn in Within the European Union, the United Kingdom eclipsed the other 27 nations in 2013, surpassing by a wide margin U.S. goods and services exports to Germany and France. U.S. goods exports to the United Kingdom totaled $47.4bn in Transportation equipment, chemicals, computer and electronic products, and machinery made up the majority of exports shipped from the United States to the United Kingdom in British firms accounted for 11% of the more than $300bn in goods exported by all foreign-affiliated firms in the United States in That year, Japanese and German affiliates exported about $65bn and $39bn, respectively. British firms in the United States shipped $14bn, or 42% of their exports back to their parent companies in the United Kingdom in Top countries in R&D jobs supported by foreign affiliates, 2011 Total 166,300 1 Germany 25,600 2 United Kingdom 24,500 3 Switzerland 22,600 4 France 20,000 5 Japan 19,200 Selected countries by U.S. goods & services exports, 2013 Total $2.3trn 1 Canada $366bn 2 Mexico $257bn 3 China $161bn 4 Japan $113bn 5 United Kingdom $109bn 6 Germany $75bn 7 Brazil $71bn 8 South Korea $64bn 9 France $52bn 10 India $36bn Top countries in goods exports by foreign affiliates, 2011 Exports % to parent group Total $304bn 45% 1 Japan $65bn 45% 2 Germany $39bn 67% 3 United Kingdom $33bn 42% 4 Netherlands $32bn 44% 5 France $20bn 43%

12 12 Sterling assets 6: British investment creating U.S. jobs U.S. services exports to the UK At more than $60bn in 2013, the United States sold more services to the United Kingdom than manufactured goods. Representing 9% of U.S. services exports worldwide last year, the United Kingdom ranked as the second-largest market for the United States, trailing only Canada, but ahead of Japan, China, and Mexico. The United States also imported more services from the United Kingdom ($48bn in 2013) than from any other country. Detailed industry-level services exports for 2013 will not be released until later this year. In 2012, business professional, and technical services ranked first in U.S. services exports, followed closely by financial services. Together, these two leading sectors accounted for nearly half of all U.S. services exports to the UK. Services exports consist of travel, passenger fares, other transportation (freight and port services), royalties and license fees, and other private services (education, financial services, insurance services, telecommunications, and business professional and technical services). U.S. services sales through majority-owned affiliates in the UK Even though U.S. services exports to the United Kingdom demonstrate the strong economic ties between our two countries, most U.S. services are not captured as exports. Instead, the vast majority of U.S. services are actually sold through majority-owned U.S. affiliates on the ground in Britain, since proximity is a critical factor when selling services abroad. By far, the United States sells more services through its firms in the United Kingdom than in any other country. These services sales totaled $191bn in 2011, considerably higher than sales to second-ranked Canada and more than twice that of next-ranked Ireland. In fact, U.S. services sales through affiliates in the UK represented 15% of all U.S. services sold through affiliates worldwide in Selected countries in U.S. services exports, 2013 Total $687.4bn 1 Canada $63.3bn 2 United Kingdom $60.3bn 3 Japan $46.3bn 4 China $37.8bn 5 Mexico $29.9bn Top countries in U.S. services sold abroad through majority-owned U.S. affiliates, 2011 Total $1.3trn 1 United Kingdom $191.3bn 2 Canada $125.6bn 3 Ireland $82.0bn 4 Japan $76.8bn 5 Switzerland $70.4bn Finance and insurance services ($59bn), professional, scientific, and technical services ($28bn), and information services ($27bn) topped the list of industry sectors for U.S. services sales through affiliates in the United Kingdom in Second only to Germany, the United States purchased more services from British companies than from any other country in 2011, a testament to the strong economic relationship between the United States and the United Kingdom.

13 Sterling assets 6: British investment creating U.S. jobs 13 British business in the United States Economic benefits of British-owned affiliates Total jobs 943,500 British affiliates account for 17% of the 5.6 million jobs created by all foreign affiliates in the U.S. Exhibit 8 Employment supported by foreign affiliates, 2011 Exhibit 10 U.S. goods and services export destinations, 2013 UK 943,500 China $161bn Japan 686,600 Japan $113bn Germany 581,300 UK $109bn Canada 546,900 Germany $75bn France 524,400 Brazil $71bn 5% of U.S. exports are sold to the UK Exhibit 9 Top goods exports from the U.S. to the UK, by industry (2013) Transportation equipment $10.6bn Chemicals $6bn Computer and electrical products $5bn Machinery $3.7bn Primary metals $2.7bn Total goods exports to the UK = $47bn * U.S. goods and services exports are shown on a balance of payments basis whereas goods exports are shown on a census basis. See methodology for full explanation. Sources: U.S. Bureau of Economic Analysis and International Trade Administration

14 14 Sterling assets 6: British investment creating U.S. jobs State overview British companies create jobs in every U.S. state and the District of Columbia. New York leads in employment supported by British subsidiaries, followed by California, Texas, Pennsylvania, and Illinois. New York is also first in goods exports to the United Kingdom. State employment by British companies New York ranked first nationwide with 88,100 jobs supported by British-affiliated firms in California, Texas, Pennsylvania, and Illinois rounded out the top five states in employment from British firms in British companies employed more than 30,000 workers in five additional states: Florida (43,100), Massachusetts (38,700), New Jersey (38,300), Ohio (36,700) and Indiana (31,000) in British firms also represented a significant share of all insourced jobs in the District of Columbia (38 %), Rhode Island (36 %), Delaware (31 %), Alaska (30 %), and New Hampshire (26 %) in State goods exports to the UK New York ranked first nationwide in exports to the United Kingdom, shipping $5bn in goods in California, Texas, Washington, and New Jersey completed the list of the top five states in exports to the UK last year. Additionally, Kentucky, Ohio, Illinois, and Georgia each shipped more than $1.5bn in goods to the United Kingdom in Seven additional states exported more than $1bn to the UK. Top states in jobs supported by British companies, 2011 Total 943,500 1 New York 88,100 2 California 84,400 3 Texas 71,600 4 Pennsylvania 53,600 5 Illinois 51,800 Top states in US goods exports to the UK, 2013 Total $47.4bn 1 New York $5.0bn 2 California $4.6bn 3 Texas $3.7bn 4 Washington $2.7bn 5 New Jersey $2.2bn Transportation equipment manufacturing and state sales to the UK The United States shipped $10.6bn in transportation equipment to the United Kingdom in Nearly one fifth of these exports came from Washington state. Commercial aircraft and aircraft parts represented a sizable share, which is not surprising because Boeing operates large commercial aircraft and parts manufacturing production facilities in Everett and Renton, Washington. Kentucky sold more than $1bn in transportation equipment to the UK in Ford, Toyota, and GM each with a large auto assembly plant in the state account for many of these exports. South Carolina also ranks as a major exporter of transportation equipment to the UK at just under $1bn in Increasingly, these exports will grow beyond the state s broad automotive manufacturing base, which now consists of more than 250 companies. Following the recent opening of Boeing s Dreamliner 787 aircraft final assembly and delivery line in Charleston, South Carolina, aircraft and aircraft parts manufacturing is becoming integral to the local economy.

15 Sterling assets 6: British investment creating U.S. jobs 15 Top states Employment by U.S. affiliates of British-owned companies: the top 15 states 2010 Employment 1 New York 88,100 2 California 84,400 3 Texas 71,600 4 Pennsylvania 53,600 5 Illinois 51,800 6 Florida 43,100 7 Massachusetts 38,700 8 New Jersey 38,300 9 Ohio 36, Indiana 31, Virginia 29, North Carolina 27, Georgia 23, Michigan 20, Tennessee 19,600 Top 15 states in employment supported by UK companies 16 Connecticut 18, Maryland 18, Missouri 18, Minnesota 14, Colorado 14, Washington 13, Arizona 12, Wisconsin 12, Louisiana 12, South Carolina 11, Alabama 10, Kentucky 10, New Hampshire 10, Rhode Island 9, Delaware 9, Iowa 8, Oregon 8, District of Columbia 8, Kansas 6, Nevada 6, Utah 5, Oklahoma 5, Alaska 4, Arkansas 4, West Virginia 3, Mississippi 3, Nebraska 3, New Mexico 2, Hawaii 2, Idaho 2, Maine 2, Wyoming 1, South Dakota 1, Montana 1, Vermont 1, North Dakota 800 Note: Employment statistics represent data for majority-owned affiliates. Tied states receive the same ranking. Source: US Bureau of Economic Analysis

16 16 Sterling assets 6: British investment creating U.S. jobs U.S. merchandise exports to the UK: the top 15 states 2013 Exports Top 15 states by U.S. merchandise exports to the UK 1 New York $5.0bn 2 California $4.6bn 3 Texas $3.7bn 4 Washington $2.7bn 5 New Jersey $2.2bn 6 Kentucky $1.8bn 7 Ohio $1.6bn 8 Illinois $1.6bn 9 Georgia $1.5bn 10 Pennsylvania $1.5bn 11 Massachusetts $1.4bn 12 South Carolina $1.4bn 13 Louisiana $1.3bn 14 Utah $1.3bn 15 Florida $1.2bn 16 Indiana $1.0bn 17 Virginia $996m 18 North Carolina $899m 19 Tennessee $886m 20 Arizona $808m 21 Michigan $732m 22 Connecticut $693m 23 Alabama $693m 24 Wisconsin $679m 25 Minnesota $529m 26 Maryland $497m 27 Delaware $495m 28 Kansas $485m 29 West Virginia $449m 30 Missouri $322m 31 Iowa $291m 32 Oregon $287m 33 Colorado $211m 34 Mississippi $207m 35 Arkansas $152m 36 New Hampshire $144m 37 Nevada $139m 38 Oklahoma $111m 39 Idaho $99m 40 Rhode Island $57m 41 Maine $56m 42 Vermont $53m 43 Nebraska $52m 44 New Mexico $38m 45 North Dakota $31m 46 Alaska $28m 47 Wyoming $23m 48 Montana $21m 49 District of Columbia $13m 50 Hawaii $12m 51 South Dakota $9m Source: International Trade Administration

17 Sterling assets 6: British investment creating U.S. jobs 17 Concentration of employment supported by UK companies: the top 15 states 2011 Employment concentration (%) Top 15 states in employment concentgration by UK companies as a share of total foreign-affiliated employment 1 District of Columbia Rhode Island Delaware Alaska New Hampshire Montana New York Wyoming Indiana Louisiana Massachusetts Missouri Pennsylvania Illinois Virginia 18.8 Concentration of exports to the UK: the top 15 states 2013 Exports concentration (%) Top 15 states by concentration of exports sold to the UK 1 Delaware Utah Kentucky New Jersey New York Virginia Massachusetts West Virginia South Carolina Maryland Connecticut Arizona Georgia Kansas Alabama 3.6 Source: US Bureau of Economic Analysis and International Trade Administration

18 18 Sterling assets 6: British investment creating U.S. jobs About Content First LLC This report was prepared by Content First, a full-service public policy research firm based in Washington, DC. Content First provides trade associations, businesses, law firms, consulting firms, and the public affairs community with the data they need to make strategic decisions, build their reputations, and advocate for policy change more effectively. In today s competitive, information-based economy, having the right content is key to success. At Content First, we help our clients reach their goals with public policy data, statistics, and research that are accurate, timely, and targeted. But we know that simply providing data isn t enough. To be persuasive, information needs to be understandable. That s why Content First makes the numbers meaningful and relevant, in reports that combine thoughtful analysis with easy-to-grasp presentation and clear calls to action. With research reports from Content First, our clients: Develop policies to support their advocacy goals Make informed business decisions Improve their competitive advantage and strengthen their reputations Satisfy their customers Save time and money. Our clients include prominent national and international trade associations such as the U.S. Chamber of Commerce, Global Automakers, the Embassy of Switzerland, the Representative of German Industry and Trade, and the Organization for International Investment. The Content First team has more than 50 years of experience in presenting industry research and public policy issues to government officials, business leaders, and the press. For more information about Content First, or to work with us, please contact us at: Content First, LLC Washington, DC Phone: Fax: info@contentfirst.com

19 Sterling assets 6: British investment creating U.S. jobs 19 About the CBI The Confederation of British Industry (CBI) is the UK s leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi the CBI communicates the British business voice around the world. About CBI Washington The Washington office opened in 2002 as the CBI s first office outside Europe, reflecting just how important the bilateral economic relationship is with the United States. The Washington office provides a base from which the CBI can promote members interest to a U.S. audience. We provide a range of services to member companies, whether in the UK, the U.S. or elsewhere, including: Information on the latest legislative, regulatory and economic developments in the U.S. Lobbying on issues of particular importance to our member companies. Networking opportunities, to help those on both sides of the Atlantic understand how to increase the flow of transatlantic business.

20 For further information or a copy in large text format, please contact: John Dickerman CBI head of Washington office T: 001 (202) E: john.dickerman@cbi.org.uk Sarah Knaus Manager, policy and government affairs CBI Washington T: 001 (202) E: sarah.knaus@cbi.org.uk July 2014 Copyright CBI 2014 The content may not be copied, distributed, reported or dealt with in whole or in part without prior consent of the CBI. CBI Our mission is to promote the conditions in which businesses of all sizes and sectors in the UK can compete and prosper for the benefit of all. To achieve this, we campaign in the UK, the EU and internationally for a competitive business landscape. Product code: